Moody’s Investors Service has maintained the City of London’s Aaa credit rating and stable outlook, the highest rating possible.
“I’m proud to see the City of London has maintained it’s Aaa credit rating for yet another year. Maintaining this standard gives our municipality ongoing advantages and financial flexibility,” said Mayor Morgan. “This accomplishment is a true testament to the dedication and hard work of our senior financial team and the entire team at City Hall.”
In assigning this rating, Moody’s noted the flexibility provided by the City’s multi-year budget approach and low debt levels supported by conservative debt management practices. Moody’s cited London’s history within a mature, supportive institutional framework governing a municipality in Ontario. Moody’s also noted the City’s track record of generating positive fiscal outcomes as a highlight of robustness of fiscal planning.
“The City’s Aaa credit rating remains unchanged for the past 47 consecutive years,” says Anna Lisa Barbon, Deputy City Manager, Finance Supports and City Treasurer. “It speaks to sound financial policies and prudent financial planning which will serve us well as we look towards supporting Council’s 2023-2027 Strategic Plan through the upcoming 2024-2027 Multi-Year Budget.”
Moody’s, a leading provider of credit ratings, research, and risk analysis, typically reviews the City’s credit worthiness annually, then assigns a credit rating. This includes a review of the City’s most recent audited financial statements, the most recent Multi-Year Budget and applicable annual updates, forecasts, meeting with City administration, officials, and other independent research.